Retirement and estate planning go hand in hand; if you have not yet done any estate planning it is time to take serious notice and take necessary actions.
There are many reasons why you should do your estate planning in good time, while you are still in sound mind and health; a little preparation and prevention can make difficult times ahead a lot easier for your family and loved ones.
Here are a few points to ponder on necessary actions of retirement and estate planning in case of your sudden death or illness:
* It can help save your family a great amount of money
* You can make the choice of who should have what from your hard work money not the government
* Designate who is be responsible to pay your bills
* In case you have minor children when doing an estate plan, include who will be in charge of their up bringing as well
* Prevent death taxes
Retirement and estate planning should always be thought together whenever you choose to lay down these plans, and the sooner you draw them up the better for you and your entire family.
It will help and prevent your children from spending your hard earned money frivolously and not because they would take pleasure in doing so, but because they would not know what it is you wanted your money spent on unless you clearly specify.
There is also the chance that a lot of this money can be lost to the government in taxes and other such things if an estate plan does not exist; or worse, your assets and life time savings could go to the very ones that you did not want to include in your estate plan.
Retirement and estate planning done together is extremely wise as you would have had all eventualities figured and they will be done as you want or wanted should anything suddenly happen to you. One needs to be cautious and take all necessary measures especially when you have children and a considerable property in your name.
Life is very unpredictable, its up to us to make sure that some things stay the way we want then even if we may no longer be around to guide our children or protect their rights; when making your estate planning in time you ensure your wishes are carried out as it seemed fit to you for its your hard earned money that is at stake.
Tags: Estate Planning
Filed under Estate Planning.